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Nairaland Forum / Nairaland / General / Politics / President Buhari Assents To Banks And Other Financial Institution Act 2020 (17989 Views)
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President Buhari Assents To Banks And Other Financial Institution Act 2020 by presidency: 5:37pm On Nov 13, 2020 |
President Muhammadu Buhari on Thursday, November 12, 2020 assented to the Banks and Other Financial Institutions Act 2020. It repeals the extant Banks and Other Financial Institutions Act 1991 as amended. This monumental piece of legislation is expected to enhance the soundness and resilience of the financial system for sustainable growth and development of the Nigerian economy. The BOFI Act 2020 updates the enabling law in response to developments and significant evolution in the financial sector over the last two decades. It will increase the appetite of banks and other financial institutions to channel much needed credit to the real sector to support economic recovery and promote sustainable growth. In this respect, it introduces a credit tribunal to improve loan recovery and address the incidence of high non-performing loans within the financial system, which has been a key deterrent to lending by financial institutions. Furthermore, it strengthens the regulatory and supervisory framework for the financial industry and provides additional tools for managing failing institutions and systemic distress to preserve financial stability amongst others. The Central Bank of Nigeria will hold structured engagements with stakeholders across various sectors of the economy on critical aspects of the Act in the coming months. This enactment of the BOFI Act 2020 is a historic and significant achievement, which is indicative of effective and productive collaboration between the Executive and Legislature arms of Government. Garba Shehu Senior Special Assistant to the President (Media & Publicity) November 13, 2020 1 Like 1 Share |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by Sifondash: 5:56pm On Nov 13, 2020 |
I hope it works |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by Banmeallday: 5:58pm On Nov 13, 2020 |
11 Likes |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by Nobody: 7:18pm On Nov 13, 2020 |
Space bookers gather here 3 Likes |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by Anwons(m): 7:18pm On Nov 13, 2020 |
. |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by BeardGangJnr1(m): 7:19pm On Nov 13, 2020 |
in summary please |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by Eppking(m): 7:19pm On Nov 13, 2020 |
O ma shey ooo |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by owprint: 7:20pm On Nov 13, 2020 |
When they wanna pass a wayo law, they will use incomprehensible statement to explain to the public. Please can someone explain what this law is all about.. Because I understood absolutely nothing here.. Even after reading it 3 times. 39 Likes 4 Shares |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by naturallyhost: 7:20pm On Nov 13, 2020 |
Dull president 6 Likes |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by Noble1000(m): 7:20pm On Nov 13, 2020 |
let me buy land here |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by law001(m): 7:20pm On Nov 13, 2020 |
I can bet that the Act will give the President power to freeze any account without court order. Check and let me know later. 19 Likes 2 Shares |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by naijadrivablog: 7:20pm On Nov 13, 2020 |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by slawormiir: 7:20pm On Nov 13, 2020 |
Damnnnnn niggarrr Isoright |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by Coronavirus84: 7:21pm On Nov 13, 2020 |
Misplaced priority from a clueless president 3 Likes |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by Oyiboman69: 7:21pm On Nov 13, 2020 |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by sammysneh(m): 7:21pm On Nov 13, 2020 |
lssorite, it will only benefit buhari and his cabal 2 Likes |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by inoki247: 7:22pm On Nov 13, 2020 |
Na when he go Assent to Poverty sef.... 2 Likes |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by Oyiboman69: 7:23pm On Nov 13, 2020 |
It is an offence to put Buhari and the phrase 'economic development' in the same sentence 23 Likes
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Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by beardedboy(m): 7:24pm On Nov 13, 2020 |
owprint:Just say you can't comprehend 2 Likes |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by Openbusiness: 7:24pm On Nov 13, 2020 |
Someone with banking knowledge should educate me on what this ACT is about, please. Thanks! Make I dey current abeg 2 Likes |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by Gkay1(m): 7:26pm On Nov 13, 2020 |
I don read am and is meaningless to me. life na per head. don't quote me but u can share and like. 6 Likes |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by owprint: 7:26pm On Nov 13, 2020 |
beardedboy:That's exactly what I said Sir. Can you explain better 11 Likes 1 Share |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by RomanianNinja: 7:26pm On Nov 13, 2020 |
That Fulani man 3 Likes |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by Tundex911: 7:28pm On Nov 13, 2020 |
While this man can't remove the stamp duty of a thing 2 Likes |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by Patosky4U: 7:28pm On Nov 13, 2020 |
I think this is a welcome development, a lot of Nigerians we take loan and just use it for faji and when it is time for repayment you will be hearing all kind of talk/threat about how bank money is govt money but when they want to get the loan they will be humble like a child. That is why I don't blame some financial institution that refuse to lend to there customers. But with this new law no hiding place for defaulters again 2 Likes |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by jlinkd78(m): 7:29pm On Nov 13, 2020 |
We need a comprehensive explanation 1 Like |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by RuddyFusion(m): 7:29pm On Nov 13, 2020 |
To tell us what they have taken from us with this ACT because that's what APC is known for To steal kill and destroy 3 Likes |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by obiekunie2: 7:29pm On Nov 13, 2020 |
owprint: Brandonx: what they are saying is: APC GOMMENT CAN TAKE BC U R OWING BANK AND BRAND YOU A TERRORIST THEN CONFISCATE ALL YOUR PROPERTIES AND STILL JAIL YOU SIMPLY BC U R OPPOSING THEIR GOMMENT AND AT THE SAME TIME OWING THE BANK. 4 Likes |
Re: President Buhari Assents To Banks And Other Financial Institution Act 2020 by Brandonx(m): 7:29pm On Nov 13, 2020 |
It's a welcome development it would go a long way to help mitigate bank failure. The NDIC has really done well tho 1 Like |
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